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Drivers of large recessions and monetary policy responses
Melina, Giovanni; Villa, Stefania - 2023
Reserve, monetary policy shocks exerted a sizable positive contribution to output and inflation during the COVID-19 Crisis. …
Persistent link: https://www.econbiz.de/10014320690
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On the equivalence of private and public money
Brunnermeier, Markus Konrad; Niepelt, Dirk - 2019
When does a swap between private and public money leave the equilibrium allocation and price system unchanged? To answer this question, the paper sets up a generic model of money and liquidity which identifies sources of seignorage rents and liquidity bubbles. We derive sufficient conditions for...
Persistent link: https://www.econbiz.de/10012033128
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Money creation and destruction
Faure, Salomon; Gersbach, Hans - 2017
We study money creation and destruction in today's monetary architecture within a general equilibrium setting. Two types of money are created and destructed: bank deposits, when banks grant loans to firms or to other banks, and central bank money, when the central bank grants loans to private...
Persistent link: https://www.econbiz.de/10011688423
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Risk management-driven policy rate gap
Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela - 2018
uncertainty over and above that to expected inflation, output gap, and output growth. However, this evidence regards the Greenspan …
Persistent link: https://www.econbiz.de/10011884396
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Using Taylor rules to understand ECB monetary policy
Sauer, Stephan; Sturm, Jan-Egbert - 2003
is accommodating changes in inflation and hence follows a destabilising policy. However, this impression seems to be …
Persistent link: https://www.econbiz.de/10011404306
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Outside versus inside bonds : a Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10008797806
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Hyperbolic discounting and positive optimal inflation
Graham, Liam; Snower, Dennis J. - 2011
Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …. -- optimal monetary policy ; inflation targeting ; unemployment ; Phillips curve ; nominal inertia ; monetary policy …
Persistent link: https://www.econbiz.de/10009130272
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How did U.S. consumers use their stimulus payments?
Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - 2020
Using a large-scale survey of U.S. consumers, we study how the large one-time transfers to individuals from the CARES Act affected their consumption, saving and labor-supply decisions. Most respondents report that they primarily saved or paid down debts with their transfers, with only about 15...
Persistent link: https://www.econbiz.de/10012263377
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The misspecification of expectations in New Keynesian models : a DSGE-VAR approach
Cole, Stephen J.; Milani, Fabio - 2016
This paper tests the ability of popular New Keynesian models, which are traditionally used to study monetary policy and business cycles, to match the data regarding a key channel for monetary transmission: the dynamic interactions between macroeconomic variables and their corresponding...
Persistent link: https://www.econbiz.de/10011541080
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Heterogeneity in individual expectations, sentiment, and constant-gain learning
Cole, Stephen J.; Milani, Fabio - 2020
their heterogeneity. We exploit survey data on output and inflation expectations by individual professional forecasters. We …
Persistent link: https://www.econbiz.de/10012226634